15 December 2017
Singapore, 15 December 2017 – StarHub Ltd today further augmented its enterprise solutions offering by entering into an agreement to acquire D’Crypt Pte Ltd for a maximum consideration of up to S$122,000,000. The proposed acquisition will enhance StarHub’s solutioning capabilities in areas such as cryptographic and digital security, secure info-communications technologies (ICT) and Internet of Things (IoT); areas vital to Singapore’s vision of a robust, secure Smart Nation platform.
Led by Defence Technology Prize1 winner Dr Antony Ng, D’Crypt delivers leading edge cryptographic technology for high security applications, systems and products. At the heart of the company is a world-class engineering team and a multidisciplinary research and development (R&D) lab with a strong track record of designing and producing innovative products which have been successfully commercialised. This has allowed the company to establish market-leading strengths in Encrypted Communications, High Performance Computing, Secure IoT, and Vulnerability and Threat analysis, with proven products implemented in sectors such as toll systems and wireless encrypted payment solutions.
Mr Tan Tong Hai, Chief Executive Officer of StarHub, said: “The enterprise business is a key pillar of our growth strategy and this strategic investment will further expand the breadth and depth of our enterprise solutions. D’Crypt’s deep engineering and R&D expertise will allow us to develop new intellectual property and products which meet our customers’ requirements as well as support Singapore’s Smart Nation initiatives. This is in line with our goal to continue delivering truly innovative solutions to enterprises and the government which will ultimately benefit consumers.”
Dr Antony Ng, Chief Executive Officer of D’Crypt, said: “StarHub’s ambition in cyber security and deep technology, their clear commitment to their customers and partners, and the value they place on the team in D’Crypt have been crucial in cementing this relationship. In addition to the significant alignment in our complementary capabilities, being part of StarHub will allow D’Crypt to deliver more innovative products and systems for ever more challenging applications and discerning customers.”
Established in 2000, the company services clients in the military, security and government sectors across the globe. Among other products across various verticals, D’Crypt’s largest project to date is the d’Cryptor ZE, the computational and security core in the Electronic Road Pricing (ERP) In-Vehicle Unit which is currently in use in Singapore’s ERP System. Post-acquisition, D’Crypt will operate as a standalone StarHub subsidiary and continue to be led by its current management team.
Dr Chong Yoke Sin, Chief of Enterprise Business Group, StarHub, said: “D’Crypt is a great asset with proven technology and R&D capabilities, and its cryptographic experience complements our Cyber Security Centre of Excellence in terms of delivering effective solutions to meet an emerging generation of security and vulnerability threats. It is a welcome addition to the StarHub family which puts us in a strong position to deliver secure Smart Nation, mission-critical ICT and digital solutions.”
The acquisition will be conducted in two phases; 65% upon completion of Phase 1 and 35% in Phase 2 by 1H 2021. Following the completion of Phase 2, D’Crypt will be a wholly-owned subsidiary of StarHub. The acquisition will be paid in cash and funded using internal cash resources. Phase 1 is expected to close by early 2018, subject to the fulfilment of mutually-agreed conditions.
1The Defence Technology Prize is the most prestigious defence technology award given out by the Ministry of Defence.